More Indian firms point to recovery

India's third and fourth largest IT services providers Wipro and HCL have posted strong results in their latest financial quarters.

India's third and fourth largest IT services providers Wipro and HCL have posted strong results in their latest financial quarters.

The results follow good sales growth of India's two biggest suppliers.

Wipro reported IT services sales worth $1.34bn, which was just over 19% higher than the same period last year. It's IT services profit was 8% higher than the third quarter last year at $295m. It added 36 new customers in the three month period and now has 3,591 more employees.

Meanwhile HCL reported revenue growth of over 32% in its latest quarter compared to the same quarter last year with profits up almost 40% compared to the same period last year. HCL added 46 new customers and 38,000 in 2010.

Infosys and Tata Consultancy Services recently reported strong sales growth.

Infosys increased its third quarter revenue by nearly 29% year on year when it announced $1.6bn (£1.01bn) revenue last week. It added 40 customers during the period and has 5,311 more employees.

Indian biggest IT supplier TCS increased revenue 31% higher than the same period a year ago. Profit was $517m which was 35% higher than the previous quarter and the same quarter the year before respectively. TCS now has 12,497 more employees and 35 new clients since the previous quarter. TCS has over 180,000 employees in total.

The European heads at both these companies were positive about the year ahead with customer confidence returning.

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